Exercise 7-7 Petty cash fund LO4 Cameron Co. established a $190 petty cash fund on January 1, 2023. One week later, on January 8, the fund contained $36.85 in cash and receipts for these expenditures: postage, $53.20, transportation-in, $34.20, store supplies, $41.55, and a withdrawal of $24.20 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. a. Prepare the journal entry to establish the fund on January 1 View transaction list Journal entry worksheet Record the entry to establish the fund. Note: Enter debits before credits. Date January 01, 2023 General Journal Debit Credit

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.